Energy companies are raising money at IPO at their fastest pace this century, taking advantage of investors’ hunt for new ways to bet on the boom in power-intensive AI data centers.

Initial public offerings for energy firms raised $12.6 billion in the first half of this year, according to data firm Dealogic. That marks the highest half-year level since the peak of the dotcom bubble in late 1999 and the highest first-half figure on record. It is well above 2025’s full-year total of $4.3 billion.

The surge in fundraising comes as access to the vast amounts of energy needed to run data centers emerges as a bottleneck in a multi-trillion-dollar AI investment boom.

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US manufacturers in many Rust Belt cities and towns are paying significantly higher electricity costs as growing energy demand from data centers strains the largest power grid operator in the United States. The resulting squeeze on profit margins for steelmakers and brick factories could further undermine President Donald Trump’s “Made in America” plan to revive US manufacturing, and it comes as Trump has simultaneously championed the tech companies behind the AI data center boom.

Factory electricity bills are generally rising faster than those for other business customers or residential customers, according to a Reuters analysis. It highlighted the example of the Belden Brick Company, a 141-year-old brick manufacturer in Ohio, whose electricity bills have soared from $1,600 to $12,000 per month due to a higher monthly capacity charge in the 13-state region served by the grid operator PJM Interconnection.

Meanwhile, the Steel Manufacturers Association warned that US steel companies concentrated in the Rust Belt region served by PJM Interconnection are paying tens of millions of dollars in higher power costs per year. Electricity accounts for 20 to 40 percent of the total production costs of making steel.

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Google reported that its annual electricity consumption rose by 37 percent in 2025—the largest increase in the company’s history as Silicon Valley’s AI data center buildout continues. But the tech giant says it kept operational carbon emissions down by continuing to purchase massive amounts of clean energy.

The company’s latest sustainability report acknowledges that Google’s total electricity usage has increased by more than 250 percent since 2019, which the company attributed to ongoing growth in Google Cloud, YouTube video streaming, and data center construction and operations supporting various AI products and services. The unprecedented 37 percent annual increase is part of an ongoing trend, given how Google’s total electricity consumption also grew by 27 percent in 2024.

“While the path to achieving our climate ambitions will not be linear—given our AI infrastructure buildout is currently accelerating faster than the grid is decarbonizing—we remain focused on scaling abundant and affordable clean power globally and progressing technological innovations that drive down emissions across our operations and the broader industry,” according to the Google sustainability report.

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US homeowners have embraced home batteries in record-breaking numbers in early 2026, spurred on by state incentives while seeking to offset rising residential electricity costs. The trend could even unlock a more flexible energy supply for power grid operators and even AI data centers.

New home battery installations reached a record 673 megawatts of energy storage in the first quarter of 2026, according to the US Energy Information Administration. That trend was driven by states with high electricity prices that have implemented policies to incentivize home battery installation, Bloomberg News reported.

This residential battery trend stands out as a natural next step for states that have already successfully boosted rooftop solar adoption among homeowners, given how batteries enable homeowners to use stored solar energy at night. California and Hawaii accounted for the majority of new residential battery storage, while Texas and Arizona also saw significantly higher numbers of installations.

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